FAQ
Glossary of Terms
Moving Insurance ? Moving insurance contractually protects you against loss when you agree to pay a premium for a guarantee that you will be compensated under stipulated conditions for certain specified losses. Normally, insurance covers all risks other than a minimal number of exclusions.
Valuation Coverage ? Valuation is a type of protection or liability a moving company will accept for the declared value of your goods while in their possession on their Bill Of Lading. Valuation is NOT insurance, there is not a written policy issued, nor does it offer complete protection and it may not allow the shipper an opportunity to specify the value of their goods as they would desire. Valuation is NOT all risk coverage and may not cover acts of God.
Co-Insurance ? Co-Insurance is a condition of policy referring to the total declared value of the property as stated on the policy being less than the actual total value of the shipment. Simply stated, the insured shares in the loss proportionately when the amount of insurance stated on the policy falls short of the actual shipment value.
For example, if your goods are insured for a declared value of $10,000, and it is determined that the actual value of your shipment is $20,000, your proportionate claim settlement amount would be 50% of the actual claim (the ratio between $10,000 and $20,000 in this case. So, even though you have $10,000 of insurance, a claim for $100 would be reduced by 50% to $50 because you have co-insured the shipment by 50%. It is, therefore, very important that you value your shipment for its actual replacement value on the policy.
Definition of Terms
Assured ? The person whose goods are being insured. Also known as the shipper or the insured.
Insurance Broker ? A licensed representative who sells and procures insurance coverage for a specified contractual situation or period of time.
Underwriter ? An insurance company supporting the broker and shipper in the event of loss or damage. Also known as the insurer.
Insured or Declared Amount ? The total insured amount of all the goods being shipped.
Valued Inventory ? A room-by-room listing of articles being insured, transported and valued by the shipper. The Valued Inventory is provided by Insuramove.com on-line once you decide to purchase insurance.
Authorized Signature for Assured ? This is either the actual owner of the goods or their designated representative.
Reference Number ? This is the actual affidavit of policy number represented on each policy that is issued.
Lump Sum Replacement Cost Coverage ? * See Insurance Related Questions.
Valued Inventory Full Replacement Coverage ? * See Insurance Related Questions.
Bill Of Lading ? The contract between a shipper and the moving company for transit of their goods from origin to destination.
Insurance Related Frequently Asked Questions
How is Insurance and Valuation different? Insurance will offer protection against "acts of God" (e.g. floods, hurricanes, earthquakes, etc.) and will cover you specifically for the replacement cost of the items listed on your valued inventory. This is one of many reasons to consider insurance over valuation. When buying insurance, you will receive an actual policy from an insurance company, rather than a note on your Bill Of Lading issued by the mover when purchasing the valuation. Also, by purchasing insurance, you are contracting an independent third party to assist with any claim settlement required after your move, which provides a certain level of quality management with any mover approved by insuramove.com
Valuation is purchased from the moving service. It is a cost to coverage value determined by the weight of your shipment, and not a coverage value stated or declared by the shipper on their own valued inventory for the goods. (See Valued Inventory).
Does our moving company cover us? No, the basic coverage the moving company is responsible for is usually $0.30 per pound per article on local and intrastate moves, and $0.60 per pound per article on interstate moves, as required on their Bill Of Lading. You can purchase additional valuation coverage or extended protection from your moving company at a cost often higher than insurance with less extensive coverage without the shipper determining the value of their goods.
What is the household goods valued inventory and how do I complete it? A valued inventory is a room-by-room listing completed by the shipper that places a value on the items within their household being relocated. We recommend that each and every move have a completed valued inventory for full replacement value coverage. This method of determining value of a household goods shipment allows the shipper to declare the value of their own articles, based upon actual purchased or replacement value substantiated by receipt or appraisal.
We do offer Replacement Cost Coverage based upon the weight of a shipment (see Replacement Cost Coverage in Products and Services). The best way to cover your goods is by listing all items being transported on a room-by-room basis.
In the event that you do not have a receipt or appraisal for an article that is lost or damaged during the move, the insurance company usually can verify the replacement value of many common articles by determining the place of purchase, the manufacturer, or comparison to like items.
What is a "High Value Item" on the Valued Inventory? A High Value item is any single item whose replacement cost is $1500.00 U.S. Dollars or higher. These items must be listed individually on the valued inventory.
How do I choose a deductible? A deductible is a stipulated portion of an insurance policy that the insurer will deduct from a claim. This usually translates into a lower premium for total coverage to be paid by the assured.
On our site, deductibles of $250, $500, $750, and $1,000 are offered. The deductible you choose determines the premium rate of the policy you are seeking to purchase and is a one-time deductible per policy and NOT per item claimed.
Are there any Minimum or Maximum Insurance Coverage Amounts allowed under the policy? Should your shipment require a policy in excess of $250,000.00, you must contact us via our email address on this site or by phone. The minimum policy amount for coverage is $5,000.00 and there is no maximum amount.
Will my Homeowner/Renter's Insurance cover my goods? Check with your insurance agent to see if your existing homeowner/renters' insurance policy provides coverage while your goods are in transit. Transit coverage for household goods and personal effects is normally not part of their policy, or is likely to only be offered on a limited coverage basis. In many cases, homeowners/renters' insurance covers against damages while the movers are in your home packing, but not while the goods are in the movers' possession.
How is the Cost of Insurance Determined? The cost of your insurance is determined by the total declared value for coverage combined with the type of policy and deductible amounts you choose. A convenient way to obtain an estimated premium cost is to utilize our Instant Quote Calculator located on our home page.
How do I purchase Insurance on Insuramove.com? We will process your premium payment by accepting approved MasterCard, Visa, Discover and American Express. This transaction will be finalized in the "Buy Insurance" section.
Can my request for insurance coverage be denied? Certain conditions must be met in order for coverage to be approved. Normally, this would include proper credit card approval, acknowledgement of the Terms and Conditions and utilization of an approved Insuramove.com QAM moving company. If a moving company that you are utilizing is not listed with Insuramove.com, approval can be requested and completed by contacting us via email and receiving a return confirmation from Insuramove management. Insuramove must approve the quality and financial stability of any moving company being utilized for its policies.
When do I need to purchase a policy? It is recommended to purchase your moving policy as early as possible prior to your move, but no later than 48 hours prior to your pack date.
How will I obtain a copy of the policy purchased? Upon completion of purchasing your policy, and credit card approval for premium, you will receive a confirmation receipt for the policy which you can print on line.
Can I cancel my policy? Yes, you may cancel your policy up to 48 hours prior to the ship date of your shipment. There will be a $50 cancellation fee assessed for processing. You are required to notify Insuramove via email or written communication subject to the 48-hour condition.
When does the policy become effective and when does it terminate? The policy becomes effective when the movers arrive at your home and pack your goods. The policy will terminate when your goods are delivered to your new place of residence, approved permanent storage facility or at a temporary-storage warehouse. You must sign the delivery inventory and/or receipt provided by the mover. This is most important in the event of claim, as this document will be required in order to process the claim.
What if my goods go into temporary storage? During transit, your goods are covered while in temporary storage (commonly known as "Storage In Transit" or "SIT") at an approved moving company's storage facility. This coverage exists at no additional cost for up to 60 days, or a combination of 60 days between origin and destination.
Can I obtain additional coverage for storage beyond the 60-day period of time? Additional coverage may be purchased, provided storage is at an approved storage facility. Please see additional policy add-ons for associated cost. Your policy will not terminate until your goods are delivered and signed for at your final destination.
Are my goods covered while in mini/self-storage? No, the coverage will terminate when your goods are delivered into mini/self-storage. Mini/self-storage facilities usually provide their own coverage for goods stored at their facilities. Any goods lost, damaged or missing prior to the date placed into mini/self-storage must be noted on the delivery documents at the time of delivery in order for your claim to be considered.
What if I do the packing myself? It is highly recommended that you utilize the services of a professional packing or moving company for your household goods shipment. However, in the event that you pack your own goods (commonly known as "Packed By Owner" or "PBO"), you must utilize moving cartons suitable for truck/rail/ocean/air transportation. The containers must be verified and acknowledged as suitable for transport by the moving company and/or it's agents on their shipping documents. A claim for settlement will only be made in the case of proven negligence by the moving company or by notation of external damage on the delivery documents signed by the moving company and yourself.
It is recommended that any PBO cartons be viewed and sealed by the actual moving company prior to transport.
Can I add or eliminate items on my Valued Inventory? During the policy application process, you may freely add or change items on your valued inventory, add an automobile, etc., prior to the actual purchase. The premium cost will automatically adjust based upon your additions or subtractions. Once you have completed the purchase of your policy, and 48 hours prior to your move date, you are required to contact our office via email with any necessary changes.
What if the move date changes? The policy will be valid for a period of 30 days from the date of purchase. Should your move date change or you decide not to move, and as long as you contact us in writing (normally via email, fax or certified letter) within the 30-day period your premium will be refunded, less a $50.00 handling fee or the policy may be extended.
Are there any items not covered under the policy? Yes, there are several items not covered under the policy, which are listed in our Terms and Conditions.
May I insure my automobile? Yes, you may insure your automobile while being shipped. Please keep in mind that there are limits on coverage for autos three (3) years of age or older. Coverage excludes dents, chips and marring unless noted on an Automobile Descriptive Inventory provided and completed by the mover.
Claims Related Topics and Questions
How do I file a claim for loss or damage? To file a claim, you may access our online claim form by logging in your User Name and Password. You may also contact us by phone for instructions. Please refer to the Contact Us section.
How many days do I have to file a claim? You have 45 days from the date of delivery to final destination as indicated on the signed delivery documents provided by the mover and as specified under the Terms and Conditions to submit a claim.
What happens after I file a claim? Once your claim is received, you will be contacted in writing, within three (10) business days of receipt. It may be requested that you provide additional information, such as copies of signed delivery documents and/or extent of loss or damage. The underwriters will determine if it is necessary to have a professional inspection, survey or repair company to evaluate the transit-related damage. If this is necessary, the claims adjuster will inform you of who will perform these services within a specified period of time.
When will the claim be settled? Normally, claims are settled within 45 business days or less from the date the claim is reported. However, length of claims settlement is dependent upon extent of damage, repair or replacement requirements and receipt of related shipping documents.
To view our insurance policy Terms and Conditions, please click here.
To purchase an insurance policy for your move, please click here.